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It is understood the property attracted seven offers in an expression of interest campaign handled by Burgess Rawson’s Beau Coulter, Zomart He and Yosh Mendis.
The Bunnings Collingwood site fetched the third-highest price for a freestanding Bunnings in Victoria.
Epping warehouse
Agents at Colliers and CBRE have sold a new office/warehouse in Epping for $12 million on behalf of builder Impact Designer Homes.
The 4172 sq m property, completed in May, is leased to car engineering design specialist Premcar for three years. It was sold to a private investor at a yield of 5.73 per cent, representing a building rate of $2876 a square metre.
“Despite some headwinds in the macro environment, the outlook for the industrial asset class remains positive,” said Colliers agent Corey Vraca. “We are seeing strong leasing uptake and steady rental growth, particularly for prime-positioned assets with strong connections to arterial roads.”
Collins Street retail
A ground-floor property at 422 Collins Street, owned by a European investor, has been sold to a local buyer for $4.15 million.The vacant possession sale of the hybrid 531 sq m commercial and retail site was brokered by the managing director of Jones Real Estate, Paul Jones. The property has a projected $320,000-a-year rent because of its central CBD location, Jones said.
Strips demand
Well-located retail properties on major shopping strips continue to attract buyers.
260 Glenferrie Road, Malvern, sold for $1.65 million.
Fitzroys’ Lewis Waddell and David Bourke have sold 260 Glenferrie Road, Malvern, for $1.65 million on a tight 4 per cent yield and high building rate of $9700 a square metre.
More than 70 inquiries were made on the property, with a local investor coming up trumps. Located in a high-profile position near the intersection of Glenferrie Road and High Street, the double-storey building of 170 sq m on a 220 sq m site was offered with the ground floor leased to The Master Cobbler and the first floor to Malvern Psychology.
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Well positioned
An office/warehouse with showroom at 129-131 Sussex Street, Pascoe Vale, has been leased for $280,000 a year.
The 1923 sq m property sits on 2540 sq m of land, 1.3 kilometres from Bell Street and two kilometres from Sydney Road.
CVA agents Leo Mancino and Craig McKellar brokered the deal. “The space and location, coupled with its proximity to the CBD, generated significant market interest,” Mancino said.